Treasury has announced an investigation into the collapse of London Capital & Finance and FCA’s supervision of the firm. John Glen, Economic Secretary to the Treasury, said there is an urgent need to understand what happened. Dame Elizabeth Gloster will lead the investigation. More widely, Treasury will consider how the current regulatory regime works in relation to mini-bonds and other non-transferable securities, so that customers can be properly protected. Treasury is also to work with HMRC to review the tax rules for IFISAs and how these rules relate to financial regulatory requirements.